Missed filing your ITR in July? You’ll have to pay a ₹10,000 fine if you fail to meet this deadline as well

The taxpayers' deadline is approaching. December 31 is the last day to file belated income tax returns (ITR) with a ₹5,000 late fee. We look at how to file your delayed ITR online and what happens if you miss it.

What is Belated ITR Filing?

Those who could not file their ITR on July 31 can file a belated ITR with a specific penalty amount until December 31. However, taxpayers would be required to submit a late fee of ₹5,000. The late fee amount is ₹1,000 if the total income is less than ₹5 lakh.

The deadline for filing ITR for assessment year (AY) 2024-25 for FY24 was July 31. The process for filing a belated ITR is provided under Section 234F of the Income Tax (I-T) Act.

What Happens if You Miss ITR Filing in December?

Under Section 234F of the I-T Act, taxpayers who miss the December deadline for filing their ITR but file it before the end of the assessment year (March 31) will have to pay a penalty of ₹10,000. 

How To File Belated ITR Online

• First, go to the official ITR e-filing portal here - https://www.incometax.gov.in/iec/foportal/help/all-topics/brochures/8941
• Login using your PAN card number
• Select the relevant ITR form
• Select the assessment year — AY2024-25 for FY24
• Fill in the required personal details and deductions
• A late fee of ₹5,000 will be applicable on the filing
• Submit and verify using Aadhaar OTP
• You can also choose to verify by physically submitting the form at the I-T office.

The easiest way to verify a return is online, so it is recommended to opt for online verification of ITR.

Top Things to Know

It is vital to remember that taxpayers who file belated returns are not exempt from the penalty for late filing. Also, since the new tax regime is the default regime for FY24, anyone filing an ITR now must do so under the new tax regime, thus losing entitlement to deductions and exemptions under sections 80C and 80D, among others.

1. Penalty: Late filing of income tax returns beyond July 31 invites a penalty of ₹5,000. The small taxpayers whose income is below ₹5 lakh are made to cough up a penalty of ₹1,000 when they file the tax return after the deadline. 
2. Interest: When there is a tax liability, taxpayers are required to pay a penalty at the rate of 1 per cent per month under section 234A of the Income Tax (I-T) Act beginning August 1 till the date of payment of tax. 
3. Entitlement to exemptions: When taxpayers file the income tax return (ITR) after July 31, they lose their entitlement to exemptions which are given under the old tax regime. 
4. Carry forward of losses: Once you miss the deadline to file the income tax return, you are not allowed to carry forward the capital losses to subsequent years.